After an 18-month drought, it looks like IPOs are back on the menu at the New York Stock Exchange.
Cava Group, on Thursday, saw shares pop more than 100% as it began trading. The stock, which was priced at $22 (and which traders expected to be priced at $17 as late as Monday), opened at $42 and briefly spiked as high as $45.
It likely won’t be the last company this year to see such investor excitement. When asked about other IPOs, Lynn Martin, president of the NYSE, told CNBC, “My phone is already ringing, so we’re optimistic.”
The market does seem ripe for new public offerings. The S&P recently hit a record high. Interest rates seem to be stabilizing, and Cava’s valuation shows a lot of pent-up demand.
“This is the start of something,” CNBC’s Bob Pisani said in the walk-up to CAVA’s listing. “This is the IPO window. And no excuses now; if we don’t start hearing about many, many IPOs announcing dates to go public in the next two months, something is very, very wrong. And nobody’s going to use the ‘brokers go away in July.’ That’s not going to be an excuse this time. This is the moment to see the IPO market open up.”
On the Nasdaq exchange alone at the end of last year, there were roughly 200 companies waiting to go public; the NYSE has not provided an estimate of its pending additions. But here are a few to keep a close eye on in the coming months.
Stripe
Stripe saw its valuation hit $95 billion after its last funding round picked up $600 million in early 2021, and it’s one of the most anticipated IPOs of the year. In the eyes of some investors, it could be one of the biggest public offerings of all time, despite the company cutting its valuation down to $74 billion last July.
This one is especially interesting. The social media giant filed for an IPO in December 2021, listing a valuation of up to $15 billion, and was expected to go public in March but delayed that once the markets became choppy. The company’s ongoing public feud with its moderators, though, is underscoring its vulnerabilities—and that could affect demand.
SeatGeek
The ticket giant, which agreed to more transparent pricing this week, confidentially filed for an IPO in April, reported The Information. That follows its failed SPAC last year. At a time when people are shelling out absurd amounts for shows, SeatGeek is one of the two largest ticket sellers in the country, which is why it reportedly expects $500 million in revenue this year.
Chime
Finance companies tend to do well on Wall Street and Chime’s focus on young-adult customers makes it unique among its peers. It postponed its public offering last year, but as fintech continues to grow, it’s more likely it will jump into the markets.
Arm
The British tech favorite bypassed the FTSE for the NYSE, and that could pay big. As interest in chipmakers soars along with the AI market, Arm could see frenzied pricing. And its existing relationships with Apple, Amazon, and Samsung are nothing to overlook either.
Instacart
With a valuation of $24 billion, Instacart has been on the verge of an IPO for years but paused its offering in 2021 to broaden its business. With the IPO market heating up again, CEO Fidji Simo will have to decide if it’s now broad enough.
Impossible Foods
Traders have long awaited the plant-based meat company’s Wall Street debut, but the company is nowhere near as hot as it used to be. The novelty of a plant-burger that tastes close to beef has faded and so have sales. And the performance of competitor Beyond Meat (down 5% year to date and 88% from its opening trade) could quell investor interest. (It’s noteworthy that CEO Peter McGuinness said he didn’t expect the company to go public this year—but it’s just as noteworthy that he said that in February, when the market conditions were much different than they are now.)
Discord
To be clear, Discord hasn’t formally announced plans to go public. But when the company ended talks with Microsoft over a $10 billion takeover in 2021, it certainly raised eyebrows. The gamer-friendly communication tool has seen a surge in users (the estimate currently stands at over 196 million monthly actives) and launched paid-server subscriptions to help content creators (and the company) earn more money, making it an even more likely candidate to IPO.
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